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PENDING ACTION
SUIT NO AC 117/04 YEBOA AMOA v. SECURITIES & EXCHANGE COMMISSION
The Securities and Exchange Commission is involved in the case of Suit No AC 117/04 - Yeboa Amoa v. Securities and Exchange Commission pending before the Automated Court
SUBJECT MATTER
- The plaintiff, Yeboa Amoa on 17th October 2003 filed the suit No. Misc 42/2003 - Yeboa Amoa v. Securities And Exchange Commission & Joseph Aboagye Debrah, against the above-mentioned defendants for a declaration that the decisions of SEC’s AHC were unlawful, ultra vires and null and void.
- The plaintiff however has not served the defendant, SEC, with a statement of claim to date.
SEC’s POSITION
- SEC on 5th November 2003 filed an application to set aside the service of the writ on the grounds that the declaration the plaintiff was seeking was the subject of litigation in the form of an application for certiorari which was already pending before the High Court. The application was not moved because of the promotion of the judge, Anin-Yeboah J. as he then was, and the apparent lack of interest by the plaintiff.
2ND DEFENDANT’S POSITION
- In January 2007 SEC was served with a Notice of a Motion filed by the 2nd Defendant for an order dismissing the suit against him on the basis that the plaintiff has no cause of action against him.
CURRENT POSITION OF THE SUIT
- SEC was in January 2007 served with a hearing notice to appear in Suit No AC 117/04 - Yeboa Amoa v. Securities and Exchange Commission.
- SEC learnt on the 29th January 2007 that the Plaintiff had had his case, Suit No MISC 42/2003, transferred to the Automated Court and that the case had been re-numbered Suit No AC 117/04. SEC informed the Court that it had still not been served with the plaintiff’s statement of claim to date.
- The case was adjourned to 12 & 21 February 2007 to give the plaintiff time to serve the defendants with his statement of claim and for the 2nd Defendant to argue his motion.
- The 2nd Defendant’s application for an order dismissing the suit against him has since been granted. SEC has still not been served with a statement of claim.
- The case has since been adjourned sine die.
BACKGROUND
The genesis of the present suit against the Securities and Exchange Commission is as follows:
A. (AHC) AHC/01/2001 - THE MATTER OF THE ADMINISTRATIVE HEARING COMMITTEE – ‘COMPLAINT OF UNETHICAL CONDUCT AGAINST YEBOA AMOA’.
- The Commission received a complaint on 23rd March 2001 of Unethical Conduct against Yeboa Amoa. The matter was investigated by the AHC. The Respondent, Yeboa Amoa was found liable on three (3) grounds and was therefore sanctioned on 3rd December 2002 as follows:
- Reprimand for unethical conduct
- Disqualification from serving as a Director or Officer of a Licensed Stock Exchange, Dealer, Investment Adviser, Mutual Fund, Unit Trust and any other institution licensed by the Commission for a period of six months with effect from March 2003.
- The Order of the AHC was endorsed by the Commission on March 27th 2003 and expired on 27th September 2003.
B. SUIT NO. MISC 300/2003 REPUBLIC V. SEC: EX PARTE YEBOA AMOA
SUBJECT MATTER
- This was an application for an order of certiorari which arose out of ‘the Matter of the Administrative Hearing Committee (AHC) AHC/01/2001 - Complaint of Unethical Conduct against Yeboa Amoa’.
GREIVANCE
- The Respondent was aggrieved by the Decision of the AHC and on 4th June 2003 sought an order of certiorari from the High Court to quash the said decision.
SEC’s POSITION
- SEC applied for the dismissal of the application for Certiorari on the grounds that the AHC had suspended Yeboa Amoa from serving in various capacities for a period of six months with effect from March 2003 and that the six months period expired on 27th September 2003. Since Yeboa Amoa had duly served the sanctions, an order of certiorari would be redundant.
OUTCOME
- The application for Certiorari was accordingly dismissed by the Honourable Judge on 14th March 2003.
Securities
and Exchange Commission
1st Floor, State Enterprises Comm. Building
Private Mail Bag, Ministries Post Office,
Accra, Ghana.
Tel:
233-21-669019 / 233-21-7010476
Fax: 233-21-7010477 / 669588
Email: info@secghana.org